WorldRemit raises $175m as international money transfer market booms


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • WorldRemit secured $175m (£138m) in Series D venture funding from Accel, Leapfrog Investments and TVC
  • The fintech company plans to use the funds to propel its growth and diversify its product offerings, including providing international money transfer services for small and medium-sized businesses
  • After the funding infusion, Accel pegged WorldRemit’s valuation at $900m (£711m)

WorldRemit, the mobile international payments company, announced yesterday that it had secured $175m (£138m) in venture funding.

In a press release, WorldRemit said that previous investors Accel, Leapfrog Investments and TVC had provided the Series D funding.

The company is an international money transfer provider that serves almost four million customers. The company provides inbound transfer services to 150 countries and outbound transfer services from 50 countries.

For the last eight years and more, the organisation’s primary purpose has been to assist migrants transfering money back to their families, friends and communities. WorldRemit Chief Executive Officer Breon Corcoran stated that their customers are vital in the economies where they work and the remittances that they send are so crucial in their home countries. He went on to say: “Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”

WorldRemit said that it secured this round of funding at a crucial stage in its growth. The US is now the second largest market for WorldRemit’s cross-border payments, and last year, the company became the first UK-based fintech firm to become licenced in all 50 US states.

WorldRemit has said it plans to use the infusion of funds to propel its international growth and to diversify the products it offers its customers who send and receive money transfers. They are planning to start a new service for small and medium-sized businesses that require money transfer services for their international operations, especially in emerging markets.

TCV General Partner John Doran said: “In 2018, mobile and online payments to emerging markets reached a record high of $528bn [£417bn] and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”

After the funding infusion, Accel pegged WorldRemit’s valuation at $900m (£711m).

Accel General Partner Harry Nelis said: “Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses. This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfil the company’s vast potential.”

The international money transfer market is experiencing rapid growth. To keep abreast of this vital sector, visit our magazine section.

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